Market Analysis: Gold Prices Aim For Further Gains
Market Analysis: Gold Prices Aim For Further Gains
Gold price started a fresh increase above the $2,432 resistance level.
Important Takeaways for Gold Price Analysis Today
- Gold price started a steady increase from the $2,400 zone against the US Dollar.
- A connecting bearish trend line is forming with resistance at $2,460 on the hourly chart of gold at FXOpen.
Gold Price Technical Analysis
On the hourly chart of Gold at FXOpen, the price found support near the $2,432 zone. The price formed a base and started a fresh increase above the $2,440 level.
There was a decent move above the 50-hour simple moving average and $2,450. The bulls pushed the price above the 50% Fib retracement level of the downward move from the $2,480 swing high to the $2,432 low.
The RSI is now near 50 and the price could aim for more gains. Immediate resistance is near the $2,460 level. There is also a connecting bearish trend line forming with resistance at $2,460.
The trend line is close to the 61.8% Fib retracement level of the downward move from the $2,480 swing high to the $2,432 low. The next major resistance is near the $2,480 level. An upside break above the $2,480 resistance could send Gold price toward $2,488.
Any more gains may perhaps set the pace for an increase toward the $2,500 level. Initial support on the downside is near the $2,432 zone. If there is a downside break below the $2,432 support, the price might decline further.
In the stated case, the price might drop toward the $2,415 support. The next major support sits at $2,400. Any more losses might send the price toward the $2,365 level.
This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
Gold price started a fresh increase above the $2,432 resistance level.
Important Takeaways for Gold Price Analysis Today
- Gold price started a steady increase from the $2,400 zone against the US Dollar.
- A connecting bearish trend line is forming with resistance at $2,460 on the hourly chart of gold at FXOpen.
Gold Price Technical Analysis
On the hourly chart of Gold at FXOpen, the price found support near the $2,432 zone. The price formed a base and started a fresh increase above the $2,440 level.
There was a decent move above the 50-hour simple moving average and $2,450. The bulls pushed the price above the 50% Fib retracement level of the downward move from the $2,480 swing high to the $2,432 low.
The RSI is now near 50 and the price could aim for more gains. Immediate resistance is near the $2,460 level. There is also a connecting bearish trend line forming with resistance at $2,460.
The trend line is close to the 61.8% Fib retracement level of the downward move from the $2,480 swing high to the $2,432 low. The next major resistance is near the $2,480 level. An upside break above the $2,480 resistance could send Gold price toward $2,488.
Any more gains may perhaps set the pace for an increase toward the $2,500 level. Initial support on the downside is near the $2,432 zone. If there is a downside break below the $2,432 support, the price might decline further.
In the stated case, the price might drop toward the $2,415 support. The next major support sits at $2,400. Any more losses might send the price toward the $2,365 level.
This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
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